The share of homes with values topping $1 million rose from 1.6 percent to 3 percent nationwide between 2012 and 2016.
Real estate website Trulia says that in many major cities, million dollar homes are becoming more common.
Following the report in a separate article, Marketplace reporter Mark Garrison writes:
The share of homes with values topping $1 million rose from 1.6 percent to 3 percent nationwide between 2012 and 2016. But many major metro areas are seeing far more dramatic increases. Some 57 percent of San Francisco homes are now worth a million or more, up from 20 percent in 2012. Areas outside Silicon Valley are also seeing big jumps.
Some of this simply reflects overall rising housing prices, pushing more homes into seven-figure territory. But that’s not the whole story.
“Most construction today is actually in the middle to upper end,” said Trulia chief economist Ralph McLaughlin.
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